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1 2006 AAA-GNP Mid-Year Meeting GASB Update Terry Patton--GASB The views expressed in this presentation are those of Mr. Patton. Official positions of the GASB are determined only after extensive due process and deliberation.

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3 New Strategic Plan Goals Goals –Establish high-quality standards that improve public accountability and result in useful information for making decisions. –Foster constructive relationships with constituents to ensure that the GASB considers their needs and views. –Promote the development of informed and competent financial report users, preparers, and auditors. –Improve the GASBs organizational capacity to pursue its vision, mission, and goals in a timely and sustainable manner.

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4 GASBs Scorecard Users satisfaction with the usefulness of governmental financial reports and GASB standards Users satisfaction with the usefulness of governmental financial reports and GASB standards Preparers and attestors satisfaction with the quality of GASB standards Preparers and attestors satisfaction with the quality of GASB standards Increase in the percentage of governmental entities that adopt and use GASB financial reporting standards Increase in the percentage of governmental entities that adopt and use GASB financial reporting standards